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U.S. Court Rules for Big Banks in ATM-Fee Case

WASHINGTON--A U.S. appeals court Thursday ruled in favor of major banks that charge ATM fees to cardholders who withdraw money from machines owned by other banks. The 9th U.S. Circuit Court of Appeals, ruling in a case filed in July 2004, accusing Bank of America Corp. (BAC), Wells Fargo & Co. (WFC), J.P. Morgan Chase & Co. (JPM) Citigroup Inc. (C) and other banks with fixing those fees. The court, however, found consumers who contested those fees did not have legal standing to do so. The court, in a ruling by Judge N. R. Smith, found that a fee that banks charge each other for such transactions was not directly passed on to customers. The plaintiffs in the case "concede that they have never directly paid" the fees in question, Smith wrote, in an opinion that upheld a lower court's ruling that the consumers filing the lawsuit paid the fees indirectly and did not have standing to challenge the fees. Last October several independent ATM operators and consumers sued Visa Inc. (V), MasterCard Inc. (MA), Bank of America Corp. (BAC), J.P. Morgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) in federal court over ATM fee policies. They argue that Visa and MasterCard rules requiring ATM operators to charge the same amount of fees regardless of which processing network handles a transaction has stifled competition among ATM operators and raised costs for consumers. A hearing on the defendants' motions to dismiss the suits is scheduled for September, according to court filings. Write to Alan Zibel at alan.zibel@dowjones.com

Stock News for Wells Fargo (WFC)
DateTimeHeadline
07/29/201513:21:22Statement of Changes in Beneficial Ownership (4)
07/29/201513:08:08Merrill, Raymond James Recruit From Barclays, Wells Fargo...
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07/28/201511:24:01Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
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07/24/201514:10:40Statement of Changes in Beneficial Ownership (4)
07/24/201514:05:46Statement of Changes in Beneficial Ownership (4)
07/24/201513:58:28Statement of Changes in Beneficial Ownership (4)
07/24/201513:52:06Statement of Changes in Beneficial Ownership (4)
07/24/201513:45:17Statement of Changes in Beneficial Ownership (4)
07/24/201513:37:42Statement of Changes in Beneficial Ownership (4)
07/24/201513:30:47Statement of Changes in Beneficial Ownership (4)
07/24/201513:23:10Statement of Changes in Beneficial Ownership (4)
07/24/201513:17:28Statement of Changes in Beneficial Ownership (4)
07/24/201513:12:26Statement of Changes in Beneficial Ownership (4)
07/24/201513:07:46Statement of Changes in Beneficial Ownership (4)
07/24/201512:30:20Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/23/201516:43:05Current Report Filing (8-k)

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